PDD Holdings Inc.’s shares fell as much as 17% in premarket trading in the US after its quarterly sales and net profit missed estimates as trade tensions between Beijing and Washington took a toll on its business.

Barclays maintained an “Overweight” rating on PDD Holdings Inc. (NASDAQ:PDD) and kept a price target of $158. This decision came after an analysis of the company’s Q1 2025 results, which showed lower revenue than expected.

Temu’s last quarter may plausibly be its worst, in tariff terms — the Trump administration has already de-escalated somewhat on broad tariffs and cross-border postal fees — but anything short of a total rollback is likely to be disastrous for the firm.

PDD Holdings (NASDAQ:PDD) reported weaker quarterly results, prompting Bank of America Securities analyst Joyce Ju to lower her price target to $120 from $140 and reiterate a “Hold” rating on the shares.

Colin Huang, founder of Chinese e-commerce behemoth PDD Holdings, saw his fortune shrink $5.7 billion overnight.